AOL will officially be spun off from Time Warner on Dec. 9, with trading to begin the next day.

Shareholders of record at 5 pm ET on Nov. 27 will get one share of AOL for every 11 shares of Time Warner on the day of the long-expected spinoff of the Internet service.

AOL will trade on the New York Stock Exchange as “AOL,” just like the old days. Unlike the old days: Time Warner has given the company an implied valuation of a little more than $3 billion.

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Essentially–although AOL is located in New York and not California–it’s going to be like tremors before the Big One at the online company today as about 100 employees are set to be laid off by management.

It is part of AOL CEO Tim Armstrong’s “Project Everest”–the code name for cost-cutting across the company. After this small cut, there could be a call for voluntary departures, followed by a much more drastic layoff.

The action comes in the same timeframe as the online site’s spinoff from Time Warner.

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Tony Conrad, CEO and co-founder of Sphere–the contextually relevant content engine AOL bought in the spring of 2008 for upward of $25 million–left the Time Warner online unit last month, several sources have told BoomTown in recent weeks.

But, in an effort by AOL’s CEO Tim Armstrong to hold onto entrepreneurial talent, Conrad has agreed to become “Special Advisor” to its AOL Ventures Unit.

Apparently, he is also mulling a new start-up and remains a VC too.

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According to sources close to the situation, AOL has been busy selecting the board for the company, which is still set to spin itself off by year’s end–even as it slows down a decision on a new search deal with either current partner Google or a more emboldened Microsoft.

AOL is using Spencer Stuart in the search for directors, led by well-known headhunter Jim Citrin, sources said, and the company has already settled on several outside candidates.

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Here is a video interview I did today with AOL CEO Tim Armstrong in Germany–really!–where we both were appearing at a digital marketing conference.

In it, the former Google exec talks about a range of things, including the possibility of charging for content, innovating in the graphical advertising market, competition with Yahoo and the upcoming spinoff of the Time Warner unit.

But what he did not say is just as interesting.

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Former Bebo CEO Joanna Shields and Shine Group Chairman and CEO Elisabeth Murdoch have formed a content start-up to produce across media platforms, both online and offline, with a focus on social engagement, according to sources.

The new venture, which does not have a name, is being financially backed by both Shine and Shields.

Based in London, it will invest, develop and partner to create a variety of content offerings that also incorporate interactive and social networking elements.

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Longtime Yahoo exec Brad Garlinghouse’s appointment to a new job at AOL today is yet another sign of an interesting trend for those keeping score of the comings and goings of top Internet execs.

As anyone who watches the digital space knows by now, this kind of management musical chairs is common and never-ending, although it seems more frantic than ever of late.

In fact, borrowing a quote by IAC/InterActiveCorp chairman and CEO Barry Diller from an onstage interview I did with him at the sixth D: All Things Digital conference, and switching out Hollywood for Silicon Valley: “[It] is a community that’s so inbred, it’s a wonder the children have any teeth.”

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Yahoo exec Brad Garlinghouse–famous for his controversial “Peanut Butter Manifesto,” which correctly chided the Internet giant for becoming so lugubrious several years ago–is taking a job at AOL very similar to the one he left at Yahoo last year.

Garlinghouse, who will remain on the West Coast, will be named president of Internet and mobile communications at AOL, putting him in charge of the New York-based Time Warner online unit’s powerful email and instant-messaging properties, including ICQ and AIM.

He will also be, said AOL CEO Tim Armstrong, its “CEO of Silicon Valley for us.”

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After a while–in a BoomTown mangling of the old cliché–if you are a nail, everything begins to look like a hammer.

So, it is probably inevitable that the next thing for much-beleaguered AOL staffers to start rumbling about is 2,000 people getting laid off next week.

After all, the Time Warner unit has a long history of whacking employees. So, it is easier to assume things will not be different under the regime of the latest CEO, Tim Armstrong.

Except it’s not actually true that such massive cuts are in the offing, since–as many sources I spoke to said–Armstrong is in the early part of figuring out what to do about the cost structure of AOL, after laying out a company strategy and rejiggering management.

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When Time Warner reports its second -quarter earnings tomorrow morning, before the markets open, most Wall Street analysts are not expecting much from the media giant, as it continues to slog toward a rejiggering of itself.

Time Warner–which owns assets like the Warner Bros. movie studio, the AOL online unit, the HBO and Turner cable networks and Time Inc. magazines–is expected to earn 37 cents per share, compared to 72 cents a year ago, according to a poll of analysts from Thomson Reuters.

Revenue is expected to be $6.97 billion, down from $11.56 billion in the same quarter last year. This drop is mostly due to the March spinoff of its cable unit, Time Warner Cable.

But AOL and its magazine unit are expected to continue to drag on Time Warner’s financial performance.

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What’s next for AOL?

Reviving the “You’ve Got Mail!” motto?

Or: “The Future. Now Available.”–set to music from “The Jetsons”?

What about: “So easy to use, no wonder it’s #1!”

Or maybe, it should just use a nice loooooooong busy signal as its calling card again?

Well, it could happen, now that new CEO Tim Armstrong has fallen prey to the siren call of the AOL brand name, after years of seeing the company wander in the anything-but-the-AOL wilderness.

Thus, he’s decided to try to welcome the prodigal brand back home, even as he prepares to spin it off in November from Time Warner.

Uh-oh.

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It did not start out too well for AOL CEO and Chairman Tim Armstrong, with a poll on the screen showing most of the attendees in the ballroom at Fortune Brainstorm Tech voting that the Time Warner online unit was either out of juice or irrelevant.

Armstrong did not break any news in the interview with Fortune’s lively interviewer, David Kirkpatrick, relying more on projecting an I’m-in-charge-here attitude and saying confident things like “a challenge is also an opportunity.”

In general, Armstrong tried to be upbeat about the prospects for AOL, which has for too long been the Web’s sad sack of an Internet company.

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After his 100-day VisionQuest to figure out what to do at AOL, Tim Armstrong is in a chattier mood.

So, BoomTown did not waste a New York minute in getting on the horn with him to finally hear his take.

There’s not a lot of new stuff to reveal, of course, beyond what Armstrong has already said about AOL’s new direction.

That would be a spinoff in November, a focus on advertising, content, local, communications and starting a venture unit. But there is also the question of AOL’s ad deal with Google and more.

Here is the interview.

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In yet another appointment of an exec close to AOL Chairman and CEO Tim Armstrong, Patch Media CEO Jon Brod has taken over the new venture arm of the Time Warner online unit.

He ran Patch for Armstrong and was president and COO of Polar Capital Group, Armstrong’s private investment company, which is focused on the media, technology and sports sectors.

Now Brod will helm AOL Ventures, a new unit of AOL that Armstrong created as part of a larger new strategy to invest in new things, and he will manage a portfolio of some of its more difficult recent acquisitions.

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A few weeks ago, when I was having breakfast with legendary Silicon Valley entrepreneur Marc Andreessen about his new venture fund, he talked about what he thought was critical to being successful as an Internet company.

Ticking off names, from Apple CEO Steve Jobs to Facebook CEO Mark Zuckerberg, Andreessen said he always favored technical entrepreneurs for one key reason: “You need someone who lives and breathes product.”

It’s a refrain I have heard a lot recently from a wide range of people in the sector, most especially when talking about two of the more challenging renovations of key Internet brands going on of late.

That would be: Yahoo and MySpace.

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